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FATN

FatPipe, Inc. Common Stock

FATN

FatPipe, Inc. Common Stock • NASDAQ
$2.83 ▼ -2.41% (-0.07)
Market Cap $39.41 M
52w High $23.27
52w Low $2.12
Dividend Yield 0%
P/E 94.33
Volume 22.54K
Outstanding Shares 13.92M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $3.959M ▲ $3.647M ▲ $-43.387K ▼ -1.096% ▼ $-0.003 ▼ $174.159K ▼
Q1-2025 $3.936M ▲ $2.706M ▲ $741.195K ▲ 18.832% ▲ $0.05 ▲ $1.118M ▲
Q4-2024 $3.149M $2.584M $84.373K 2.68% $0.006 ▲ $395.17K
Q3-2024 $3.149M ▼ $2.584M ▼ $84.373K ▼ 2.68% ▼ $0.006 ▼ $395.17K ▼
Q2-2024 $3.75M $2.607M $625.493K 16.678% $0.05 $992.052K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $6.229M ▲ $32.243M ▲ $11.256M ▼ $20.987M ▲
Q1-2025 $5.907M ▲ $32.018M ▲ $11.623M ▼ $20.395M ▲
Q4-2024 $2.921M ▲ $28.288M ▲ $12.362M ▲ $15.925M ▼
Q3-2024 $1.616M ▲ $25.747M ▲ $9.095M ▲ $16.652M ▲
Q2-2024 $845.85K $25.241M $8.941M $16.3M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-43.387K ▼ $399.835K ▲ $7.002K ▲ $-12.065K ▼ $322.033K ▼ $406.837K ▲
Q1-2025 $741.195K ▲ $-508.604K ▼ $-42.449K ▼ $3.593M ▲ $2.986M ▲ $-508.604K ▼
Q4-2024 $-368.204K ▲ $-189.972K ▼ $-7.014K ▼ $1.972M ▲ $1.304M ▲ $-196.986K ▼
Q3-2024 $-630.142K ▼ $-109.977K ▼ $-520 ▲ $601.076K ▲ $770.311K ▲ $-110.497K ▼
Q2-2024 $2.342M $48.29K $-7.273K $-87.424K $78.007K $41.017K

Revenue by Products

Product Q1-2025Q2-2025
Consulting
Consulting
 $0 ▲$0 ▲
Product
Product
 $0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement FatPipe’s income statement looks like that of a very small, early-stage public company. Revenue has been low and fairly flat, though gross margins appear strong, suggesting the core software and services are high-margin once sold. Profitability is basically at or around break-even, with no clear trend of sustained profits yet. The earnings per share history moves around more than the underlying business seems to, which likely reflects changes in share count, listing/transaction effects, or one‑off items rather than a mature earnings engine. Overall, the story here is: promising margins at tiny scale, but not yet showing steady growth or durable profitability in the historical numbers provided.

Balance Sheet

Balance Sheet The balance sheet is modest in size and gradually growing, consistent with a niche technology company just coming to market. Assets and equity have crept up over the past few years, which suggests some combination of retained value and fresh capital. Debt has only recently appeared and remains limited, but even small borrowings can matter when the overall base is small. Reported cash is effectively negligible in this dataset, which is almost certainly a data limitation rather than literal reality, but it still means we do not see a thick financial cushion. In short, the balance sheet shows a company that is building from a small base and does not have a lot of room for prolonged missteps without continued access to capital.

Cash Flow

Cash Flow The cash flow data provided is essentially blank, with operating cash flow, free cash flow, and capital spending all showing as near zero. That almost certainly reflects missing or rounded data rather than a true lack of cash movement. Because of this, it is hard to judge how well accounting results translate into cash, how much the company is investing in its platform, or how dependent it is on external funding. For a small infrastructure software and cybersecurity player, the key unknowns are how much cash is being burned to grow, how lumpy large contracts are, and whether the business can eventually fund itself through operations. The lack of visible cash-flow detail is a major analytical blind spot and adds uncertainty to the financial picture.

Competitive Edge

Competitive Edge FatPipe occupies a specialized corner of the networking and cybersecurity market, focused on SD‑WAN and related secure networking solutions. Its main strengths are a deep patent portfolio around multipath and SD‑WAN technologies, long technical experience, and a base of thousands of customers served through a large reseller network. High customer satisfaction and long subscription contracts suggest sticky relationships and recurring revenue potential. The company is also proven in mission‑critical environments, including government and other sectors where reliability is paramount. On the other hand, SD‑WAN and SASE are intensely competitive spaces with heavyweight rivals, from large networking vendors to cloud‑native security firms. FatPipe’s challenge is to convert its intellectual property, installed base, and channel partners into visible market share gains while competing against much larger, better‑capitalized players. Its differentiated “single stack” approach is a strength, but scale, brand awareness, and sales execution will be decisive.

Innovation and R&D

Innovation and R&D Innovation is clearly at the heart of FatPipe’s identity. The company positions itself as an inventor of SD‑WAN, supported by a sizeable U.S. patent portfolio and founders with deep technical credibility. Its technology focuses on combining multiple network paths into one resilient, optimized connection with very fast failover—important for sectors that cannot tolerate downtime. The integrated “Total Security 360” platform, which blends SD‑WAN with next‑generation firewall and other security functions, is designed to simplify life for customers by replacing multiple point products with a single solution. Looking ahead, the roadmap is centered on expanding SASE capabilities, deepening security features, and scaling cloud‑delivered services. Management is also pushing into new geographies and leaning on partnerships with established telecom and technology firms. The main question is whether FatPipe can maintain an innovation edge and pace of feature development that matches much larger cybersecurity and networking vendors, given its smaller resource base. Its patents and history give it a strong foundation, but sustained R&D investment and rapid product iteration will be critical in such a fast‑moving field.

Summary

FatPipe is an early‑stage, infrastructure software and cybersecurity company coming to public markets through a SPAC, with a business that is still very small in financial terms but built on meaningful technical achievements. The historical numbers show limited, relatively flat revenue, high implied gross margins, and results hovering around break‑even rather than consistent profitability. The balance sheet is thin but gradually strengthening, with only modest leverage and no clear view of the true cash position. Cash‑flow disclosure in the data is effectively absent, which makes the financial risk profile harder to gauge. Strategically, the picture is more robust: the company has long experience in SD‑WAN, a notable patent portfolio, a loyal customer base, and a differentiated “single stack” networking‑plus‑security offering that fits well with current SASE trends. Its opportunity lies in converting that technical and customer foundation into durable, growing, subscription‑driven revenue at scale. The key uncertainties are execution in a crowded, rapidly evolving market, the ability to fund and sustain R&D and commercial expansion, and the timing and reliability of any transition to consistent cash generation. Overall, this is a story where the technology and positioning look stronger than what the current financials alone would suggest, and where future outcomes will depend heavily on growth execution and capital management over the next several years.

NEWS

November 18, 2025 · 9:15 AM UTC

FatPipe CEO Publishes Letter to Shareholders

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November 4, 2025 · 1:20 PM UTC

FatPipe Reports Second Quarter Fiscal Year 2026 Results

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October 23, 2025 · 9:15 AM UTC

FatPipe (FATN) Completes $1.4 Million 210+ Site SD-WAN Deployment for a Large U.S. School District

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October 16, 2025 · 9:15 AM UTC

FatPipe (FATN) Announces the Completion of a 108 Site Deployment for a Regional Bank

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October 8, 2025 · 9:15 AM UTC

Join FatPipe's Exclusive Live Investor Webinar and Q&A Session on October 15

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